This page reflects T options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 18, 2026 close
Max Pain — T
Data as of market close Aug 18, 2026
Nearest listed expiration 2026-08-21 shows max pain at $23.00 (1.90 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.00
Nearest expiry
Expected Move
±$0.49
±2.0%
Days to Expiry
3
Calendar days
Total Call OI
118,628
Nearest expiry
Total Put OI
70,229
Nearest expiry
P/C OI Ratio
0.59
Put-heavy
Spot Price
$24.90
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-08-07
$23.00
8/7/2026, 11:36:33 PM
2026-08-14
$23.50
8/14/2026, 11:36:10 PM
2026-08-21NextUpdated
$23.00
8/18/2026, 11:41:50 PM
2026-08-28
$23.00
8/18/2026, 11:41:50 PM
2026-09-04
$23.50
8/18/2026, 11:41:50 PM
2026-09-11
$23.50
8/18/2026, 11:41:50 PM
2026-09-18
$25.00
8/18/2026, 11:41:50 PM
2026-09-25
$24.00
8/18/2026, 11:41:50 PM
2026-10-02
$23.00
8/18/2026, 11:41:50 PM
2026-10-16
$23.00
8/18/2026, 11:41:50 PM
2026-11-20
$24.00
8/18/2026, 11:41:50 PM
2026-12-18
$23.00
8/18/2026, 11:41:50 PM
2027-01-15
$24.00
8/18/2026, 11:41:50 PM
2027-03-19
$23.00
8/18/2026, 11:41:50 PM
2027-06-17
$25.00
8/18/2026, 11:41:50 PM
Selected expiration: 2026-08-21 at max pain $23.00.
T pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
12
0
66096300
66096300
13
5600
59079400
59085000
14
15400
52064700
52080100
15
27900
45052300
45080200
16
41700
38045800
38087500
17
58000
31045000
31103000
18
76500
24520200
24596700
18.5
87000
21315400
21402400
19
98350
18110750
18209100
19.5
123600
15148450
15272050
20
149050
12188350
12337400
20.5
210800
10136100
10346900
21
276450
8089500
8365950
21.5
554400
6301900
6856300
22
834600
4621900
5456500
22.5
1527750
3215350
4743100
23
2460650
1861800
4322450
23.5
4283350
1156450
5439800
24
6297000
644850
6941850
24.5
9121050
303950
9425000
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.